Thailand-based True Corp was slammed by rising costs in Q3, widening its loss for a third consecutive quarter, with its mobile business the lone driver of growth on the back of post-paid subscriber gains.

Mobile service revenue rose 1.3 per cent year-on-year to THB20 billion ($562.6 million), credited to growth in 5G and post-paid subscribers offsetting a decline in ARPU.

In a statement, True highlighted the increase came despite growing pressure on ARPU due to attractive unlimited data offerings and rising inflation.

Total mobile subscribers rose 5 per cent to 33.6 million, with 5G users at 4.5 million.

True launched 5G service at the end of 2021.

Its net loss grew more than fourfold to THB2.8 billion on higher depreciation and amortisation expenses associated with its 5G network rollout, and a forex loss of THB365.6 million compared with a gain of THB218.3 million in the same period in 2021.

Revenue declined 1.1 per cent to THB32.6 billion, as a drop in network rental income offset a 61.5 per cent increase in product sales to THB5.1 billion.

Broadband revenue fell 2.7 per cent to THB7.3 billion. Paid-TV sales dropped 15.8 per cent to THB2 billion.

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